5 Steps You Need To Take To Make It to the Upper Class by Your 60s

An upper-class retirement in your 60s is the best-case scenario — having enough money in your savings and retirement accounts to comfortably fund your golden years and any expenses (luxury or emergency) that you might encounter. That said, the amount of income needed to be in the “upper class” might surprise you.

As previously reported in GOBankingRates, you’ll need approximately $3.2 million to your name in order to be considered upper class by your 60s. That’s according to Andrew Lokenauth, the money expert and owner of Be Fluent In Finance who made clear that rising costs in the United States require multiple millions to achieve upper-class wealth. “With inflation eating away at everything — seriously, have you seen grocery prices lately? — you need way more.”

Achieving at least $3.2 million in wealth might seem like an impossible task. Fortunately, GOBankingRates spoke to financial experts who have a number of suggestions as to how you can achieve those riches by the time you reach your 60s.

Tyler Meyer, certified financial planner and founder of Retire To Abundance, said, “Reaching upper-class wealth by your 60s usually comes down to consistency. … The people I see succeed max out their retirement accounts, build multiple income streams and avoid ‘lifestyle creep’ even when their income grows. They also plan around taxes and use strategies that let them spend confidently in retirement without fear of running out.”

Check out five steps you need to take if you want to be upper class in your 60s.

“Start contributing the maximum amount you can to a Roth IRA in your 20s,” said Melanie Musson, finance expert at insurance site Quote.com.

It’s a surefire early step toward upper-class wealth later in life, she said.

“The great thing about a Roth IRA is that it grows tax-free, and you can withdraw tax-free. So by the time you reach retirement age, you’ll have a stream of income that is completely yours.”

While contributing to a Roth IRA alone may not be enough to amass $3.2 million, it is one of several steps that can be taken in that direction.

Musson also recommended early homeownership before reaching your 60s.

“A home can provide you with security,” she noted. “Once your home is paid off, you will have a valuable asset, but you will pay minimally to live there — so you can invest what you had been paying to your mortgage.”

She also suggested the purchase of “an investment property where you can build wealth through equity and earn a rental income.”

Debt can be a massive impediment to wealth, which is why it is so important to pay it off early, before it grows to insurmountable levels.

“Once your debt is paid off, your money is truly yours with which to invest and build wealth,” Musson said. “Living below your means is crucial to building wealth and achieving upper-class status.”

Medical costs — much like debt — are another major wealth blocker. Having a career that provides health insurance can provide a financial safety net in case of emergency.

“Medical costs can rob you of your wealth,” Musson said. “Insurance is crucial for ensuring that your medical expenses are affordable.”

While not strictly related to finances, Meyer said having people you care about — and a future you’re excited to share with them — can be a powerful motivator.

“I always remind clients that money is only one measure,” Meyer said. “Real wealth is found in your relationships, your health and the ability to give back to your community. Financial success gives you freedom, but it’s what you do with that freedom that makes you truly wealthy.”